The Real Deal Miami

Jupiter company buys 900-unit apartment complex in Bradenton for $110.5M

FLF Holdings also got a $76 million loan through Freddie Mac to finance renovations at the 38-year-old Carlton Arms of Bradenton
March 17, 2018 02:55PM

Carlton Arms of Bradenton apartment complex (Credit: ApartmentRatings.com)

A Jupiter-based company bought a waterfront apartment complex in Bradenton for $110.5 million.

Jupiter-based real estate development and management company FLF Holdings paid $122,777 per apartment for the Carlton Arms of Bradenton, a 900-unit, garden-style apartment complex built 38 years ago.

After the closing, FLF Holdings obtained a $76 million loan with a 10-year term through a Freddie Mac program called Capital Markets Execution.

Carlton Arms has a 99.7 percent occupancy rate, according to Holliday Fenolglio Fowler (HFF), which marketed the 93-acre property, which includes 12,519 square feet of fully leased retail space.

Common-area amenities include two waterfront swimming pools, two basketball courts, two clubhouses, five docks with slips for 50 boats, a gym, a dog park and covered parking.

The new owner plans extensive renovations. Elliott Throne, managing director of HFF, said in a prepared statement that FLF Holdings “benefited from a very aggressive Freddie Mac financing structure within the Green Up program that will allow them to effectively execute their renovation strategy.”

The sellers were Brighthouse Life Insurance Co. and The Mahaffey Apartment Co., a Winter Park-based company that developed Carlton Arms. [Bradenton Herald-Tribune] – Mike Seemuth